MPs have criticised Standard Life group chief executive Sandy Crombie for agreeing to bonus payments which they claim contradicts a pledge that he made to them.Mutuo, a research group which acts as secretary to the All Party Parliamentary Group for Building Societies and Financial Mutuals, says Crombie told the group in 2004 that he would not renegotiate his package after Standard’s demutualisation. But Standard says Mutuo has not understood the remuneration details. It says no new award has been made but cash incentives agreed last year have been converted to share-based incentives. Standard says the incentives – worth up to 6.8m presently for directors – are the maximum possible windfall, depending on strict performance criteria being met, and create best practice by aligning the interests of senior management with shareholders. Standard directors could get almost 2.8 million shares, with Crombie potentially being granted up to 952,716 shares – currently worth around 2.4m. Life and pensions chief executive Trevor Matthews could get 393,184 shares while finance director Alison Reed could pick up 335,925 shares. But Mutuo chief executive Peter Hunt says Crombie should have been more open with the group about the personal financial ben-efits that he would get from demutualisation. Hunt says: “We need to create a statement of best practice to ensure that members are fully aware of who really benefits from demutualisation.” Standard Life group deputy chairman Gerry Grimstone says: “Everybody should be delighted if we end up paying out these bonuses because it will mean there has been a drastic improvement in the group’s performance over the period of the plan.”
A board reshuffle at Money Quest has seen managing director Steve Pollard become the company’s first chief executive officer and operations director Paul Reynolds move up to become managing director. The firm is taking on 150 new staff as part of expansion pans ahead of a planned flotation within the next couple of years.
Webline has announced the extension of its data integration capability with Bluecoat Software.This expanded facility allows the users of Bluecoat Softwares specialist product, FinPlan, to automatically transfer additional data from the Webline platform and save it directly in FinPlan. The data could include quotations, comparisons and new business submissions.The service is expected to go live […]
Fidelity is adding a regular withdrawal facility to its investment funds to enable investors to draw down income without having to switch funds. The facility will be available on all Fidelity funds and products from third-party providers on FundsNetwork. Income drawdown is available mon-thly or quarterly. The service is free and will initially be available […]
Millfield Partnership Limited’s capital adequacy deficit would have risen to 7m by February 2007 if the FSA had not pulled the plug on the firm. The regulator, in its final notice to MPL, said the firm failed to provide a viable proposal to rectify its 4.5m deficit and it was therefore forced to remove the […]
With auto-enrolment (AE) well under way for the UK’s largest businesses, over the next three years an additional 800,000 smaller employers (with less than 60 employees) will start their journey to comply with the legislation. AE mandates all eligible employees and their respective employers to make regular pension contributions into a qualifying pension scheme. To learn more about the legislation read our brief Jelf AEase — simple steps to AE compliance guide.
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Lawyers who represent investors against Berkeley Burke over allegations of mis-sold Sipps estimate more than 1,000 claims could be in the pipeline. The High Court has approved a group litigation order relating to claims against Berkeley Burke Sipp Administration, and those affected have until 23 July 2018 to register to join the group action. It […]
Do not be spooked by recent falls. The bull market has further to run. Stockmarkets have been thriving in the not-too-hot, not-too-cold “Goldilocks” backdrop of the last few years. Growth has been strong enough to boost profits, and inflation low enough to keep central bank policy loose. Recent stockmarket weakness is centred on signs that […]
The FCA continues to engage with the asset management industry on new European regulations as questions remain over how firms should report costs and charges. After over a month since Mifid II and Priips came into force, concerns have been raised on how fund fees, in particular transaction costs, should be calculated under the two […]